Tri City’s first mortgage trust, the Tri City Mortgage Investment Fund was initiated in October of 2011. For 8 years, 32 quarters and 96 months, it has delivered on it’s target of 8%* return to it’s investors.
A 50-year history of private lending (and counting)
Tri City Group has been in the heart of Vancouver’s real estate market since the 1960s while funding mortgages and investing in real estate throughout BC and Alberta. In that time we’ve been engaged in real estate development, mortgage lending, and income property ownership.
In the early 1960s Michael’s parents, Henry and Ruth, accidentally fell into the real estate business and someone agreed to teach Michael’s father, Henry Goodman about the mortgage business. From that point forward Henry and Ruth carried on the business and eventually involved their friends who they played bridge with. In 1972, Henry passed away suddenly and left the business to his wife Ruth. At that point Ruth asked Michael to help out and he too became further involved in the business. As more and more people got onboard and mortgages became larger, a more formal structure was put in place to take in public investment and allow ordinary people to take advantage of what they had learned about the business. See video of Michael talking about the origins of the business here.
After extensive research in 2011, Michael launched the first mortgage trust, the Tri City Mortgage Investment Fund as a kind of experiment to see what it was like to deal with the public and the regulators. That fund was capped at 15 million dollars and quickly sold out. Michael seeded the fund with 3 million dollars from his private holding company.
In 2015, Tri City Fund Management took the lessons learned from their first trust and launched their second trust, Tri City Group Monthly Income Mortgage Trust. There were three major improvements made, the payment’s changed to monthly, the preferred shares were introduced and profit split was increased in the investors favor from 50/50 to 70/30. Michael further seeded the fund with a 1 million dollar investment.
Through our team, we have extensive experience in real estate development, banking and the investment industry. Our people are skilled and knowledgeable in identifying and investing in mortgages that provide above-market returns. Together, we’ve helped many investors save and grow their portfolios for security, retirement, and towards their future.
A family business, through and through
Tri City Group was started by Henry Goodman. Today it is owned and managed by his son Michael. Even now, Michael holds Henry’s timeless advice to heart:
“As an investment, mortgages have always been more secure and steadier than stocks. When I was a young man in the 1930s, I saw many corporations plummet and vanish leaving stockholders with nothing, whereas real estate lenders were protected. Decades later, during subsequent recessions, those families and friends who invested in mortgages with us were safe. By having access to the ownership of the underlying land and buildings, our interests were protected.”
– Henry Goodman, Founder of The Tri City Group